Neurocrine Biosciences (NASDAQ:NBIX) Hits New 52-Week High - Here's What Happened

Key Points

• Neurocrine Biosciences shares reached a new 52-week high of $181.79, up from a previous close of $176.41, giving the company a market capitalization of approximately $18.26 billion.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $194.05. Recent target increases include Truist Financial’s $200 target and Goldman Sachs’ $213 target.
• Insiders sold 394,172 shares worth about $62.2 million over the past 90 days under pre-arranged trading plans, while institutional investors own a substantial 92.59% of the company.

Shares of Neurocrine Biosciences, Inc. (NASDAQ:NBIX - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $181.79 and last traded at $180.9390, with a volume of 432730 shares. The stock had previously closed at $176.41.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Truist Financial raised their price target on Neurocrine Biosciences from $155.00 to $200.00 and gave the company a "buy" rating in a report on Monday, July 13th. BMO Capital Markets boosted their price objective on Neurocrine Biosciences from $144.00 to $170.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. Royal Bank Of Canada upped their target price on shares of Neurocrine Biosciences from $183.00 to $195.00 and gave the company an "outperform" rating in a research report on Tuesday, July 7th. The Goldman Sachs Group began coverage on shares of Neurocrine Biosciences in a research note on Tuesday, June 2nd. They issued a "buy" rating and a $213.00 target price on the stock. Finally, Morgan Stanley lifted their price target on shares of Neurocrine Biosciences from $185.00 to $191.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Neurocrine Biosciences has a consensus rating of "Moderate Buy" and an average price target of $194.05.

Neurocrine Biosciences Stock Performance

The firm has a market capitalization of $18.26 billion, a P/E ratio of 27.96, a price-to-earnings-growth ratio of 0.74 and a beta of 0.39. The company has a 50-day moving average price of $165.91 and a 200-day moving average price of $145.29.

Insider Transactions at Neurocrine Biosciences

In other Neurocrine Biosciences news, Director Kevin Charles Gorman sold 245,088 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $154.33, for a total transaction of $37,824,431.04. Following the transaction, the director owned 511,293 shares in the company, valued at approximately $78,907,848.69. This trade represents a 32.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Richard F. Pops sold 15,000 shares of the business's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $157.65, for a total value of $2,364,750.00. Following the transaction, the director owned 34,480 shares of the company's stock, valued at $5,435,772. The trade was a 30.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 394,172 shares of company stock valued at $62,221,181. Corporate insiders own 4.60% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Nilsine Partners LLC bought a new stake in shares of Neurocrine Biosciences in the fourth quarter worth about $1,197,000. Ruffer LLP acquired a new stake in shares of Neurocrine Biosciences during the fourth quarter worth about $2,479,000. Robinhood Asset Management LLC bought a new position in shares of Neurocrine Biosciences during the 4th quarter valued at about $5,715,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Neurocrine Biosciences during the 4th quarter valued at about $1,866,000. Finally, Wesbanco Bank Inc. grew its position in shares of Neurocrine Biosciences by 88.9% in the 4th quarter. Wesbanco Bank Inc. now owns 17,000 shares of the company's stock valued at $2,411,000 after purchasing an additional 8,000 shares during the period. Institutional investors and hedge funds own 92.59% of the company's stock.

About Neurocrine Biosciences

Neurocrine Biosciences NASDAQ: NBIX is a biopharmaceutical company based in San Diego, California, focused on developing treatments for neurological, endocrine and neuropsychiatric disorders. Since its founding in 1992, the company has pursued a research‐driven strategy aimed at addressing unmet medical needs in movement disorders, reproductive health and central nervous system conditions. Neurocrine's operations encompass drug discovery, clinical development and commercialization activities.

The company's lead marketed product, Ingrezza™ (valbenazine), is indicated for the treatment of tardive dyskinesia, a movement disorder associated with long-term antipsychotic use.

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